An impound escrow account is set up for a real estate mortgage loan to pay certain property-related expenses such as private mortgage insurance, homeowner’s insurance and property taxes. Frequently, lenders require these impounds to be paid with the borrower’s monthly loan payment. Often, loan regulations require impounds to be set up for a mortgage loan collateralized by a personal residence. Escrow accounts are far from simple as they may be required or restricted by an array of state and federal laws and regulations. Generally, there is a legal instrument that places a lien on the homeowner’s property, such as a deed of trust or mortgage, that requires reserves or impounds for property taxes and insurance.
AED preferred providers of 1031 exchange services, Accruit and PwC partner to provide over 75 AED members with 1031 like-kind exchanges and exchange programs. We joined these and other leading American and Canadian equipment distributors at AED Summit and Condex 2017 to provide AED members insight into how 1031 like-kind exchanges might reduce their tax liabiiity and increase cash-flow.
Accruit, LLC, the nation’s leading provider of qualified intermediary and 1031 like-kind exchange program solutions, today announced a definitive agreement to acquire all of the assets of Bankers Escrow Corporation, one of the largest full service escrow companies in Colorado. The parties anticipate a closing on June 30, 2016. Going forward, services will be provided under Accruit-owned Bankers Escrow, LLC.
Asher Azim walks viewers through the basics of a 1031 like-kind exchange of business-use assets (in this case, construction equipment) in which a business owner is able to defer taxes when selling equipment and purchasing like-kind equipment.
Professional QIs Are Central to 1031 Exchanges and Help a Wide Variety of Asset Owners
Las Vegas, Nevada (September 15, 2016)
The U.S. Treasury rules giving rise to the like-kind exchange “Qualified Intermediary” turn 25 this year. Established by Treasury safe harbor regulations in 1991, professional Qualified Intermediaries (QIs) promote compliance with the law and make the benefits of like-kind exchanges, also known as 1031 exchanges, accessible to business and property owners nationwide.
Most users of Section 1031 understand the 180-calendar day deadline to complete their like-kind exchange. This general understanding of the exchange period deadline is fine for most transactions, but many exchangers remain unaware of the more nuanced definition of this critical period.
The Federation of Exchange Accommodators (FEA) is among 26 groups that signed letters sent to the Hillary Clinton and Donald Trump presidential campaigns last week. The letters explain the benefit of real estate exchanges for small businesses, farmers, ranchers, and for use in land conservation. The timing of these letters are important, as both campaigns are developing and revising tax plans.
Despite the fact that like-kind exchanges (LKEs) have been an established part of tax law since 1921, there are still a number of misconceptions in the marketplace about what they are and how they work.
The 1031 Code is specific concerning most aspects of the law and Accruit is always standing ready with accurate, detailed information regarding any questions you may have about 1031 exchanges. If you hear something that you’re not sure about or would like more details on an LKE issue, call Accruit at 1-866-397-1031.
NEW YORK (NOVEMBER 5, 2010) -- PwC US and Accruit, LLC today announced they have formed a joint business relationship to provide like-kind exchange ("LKE") services, combining their leading positions in providing LKE program services to more than 150 clients across 20 industries. In making the announcement, David Fowler, co-leader of PwC's LKE Services, said, "We are pleased to enter this joint business relationship with a team of talented professionals whose track record of delivering quality LKE services reflects our commitment to bringing our clients the resources to address their LKE program needs."